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Chinese snap up oil, sugar

Chinese are snapping up cooking oil and sugar for fear that prices may continue to rise. Many cities including Hangzhou, JiNan (capital of Shandong province), Taiyuan (capital of Shanxi province), Tianjin, Dalian and Changchun (capital of Jiling province) have seen the prices for edible oil and sugar soar and reserves of these products dwindle, according to the (Nanjing) Yangtze Evening Post and other local newspapers. Nanjing, Suzhou, Wuxi and Zhuhai have seen waves of panic buying, with some supermarkets running out of supplies.

The average prices for imported soybean went up by 18% in the past 3 months, nudging up the retail prices for edible oil, according to the datum from General Administration of the Customs of the PRC. Some brands have responded by raising edible oil prices by up to 10%. China Sugar, Tobacco & Wine Co also announced a 13% price raise on various kinds of sugar.